Real Estate Activity –

Summary for the Portland

Metropolitan Housing

Market

Real estate activity for the first eight months of 2019 compared to 2018 continue to be a bit cooler, revealing a slightly contracting and softening Portland Metropolitan Housing Market, while for the month of August, there was a slight surge of activity. 

In the first eight months of 2019 compared 2018, there was 0.9% fewer listings, 1.1% less pending sales, and 3.3% less closed sales. During the same comparison, the average sale price increased by about 1% and the median sale price increased by 2.2%.

Statistics for the first eight months of 2018 and 2019:

     Eight Months Ended Increase   
 08/31/18 08/31/19 (Decrease)   
New Listings 30,721 30,548 (173) Fewer listings on the market
Pending Sales 21,836 21,585 (251) Less pending sales
Closed Sales 20,572 19,902 (670) Less closed sales
Ave. Sale Price 454,500 458,900 4,400 Ave. Sale Price up 1%
Med. Sale Price 401,000 410,000 9,000 Med. Sale Price up 2.2%
Total Market Time 40 48 8 Total market time up 20%
      

 

Some Areas that Gained; Areas that Lost Value

Beaverton/Aloha and Yamhill County led the way with average sale price increases for the eight months ended August 31, 2019, of 5.7%; Gresham/Troutdale was 5.1%, and Oregon City/Canby was 4.0%.  Areas that saw average sale price declines for that same period include Mt. Hood of -4.1%, NW Washington County of -2.5%; and West Portland and Lake Oswego/West Linn of -0.7%. 

Buyers Becoming Bolder in Negotiations

The first eight months of 2018, 94.2% of the pending sales closed; in 2019 this was 92.2%. The decrease in the percentage of homes closed is indicative of the market, as buyers are becoming bolder in their negotiations.

Pricing is Very Market Value Specific

Price points are very neighborhood specific.  If you are wondering about the current market value of your home, feel free to contact me. I will be happy to put together a review of the range of market value for your home considering your specific location, condition (underlying condition, updates and how your home shows), amenities, square feet, and lot size. With my background in accounting and finance, my analytical skills are very highly tuned, and I would love to use them to help you in any way I can.

 

Stats come from RMLS